Scytale backs decentralized storage solution Sumi Network’s $3 million raise
Web3 infrastructure provider Sumi Network has raised $3 million to build out its decentralized communication and storage solutions.
The seed round is led by Scytale and brings the startup’s valuation to $30 million. Other investors include Fuse, D1 Ventures, DFG and TRGC, the company said in an email.
Sumi Network started out as a Polkadot blockchain project focused on enabling decentralized wallet communication. During this time it developed a proprietary storage layer that incorporates peer-to-peer technology and is compatible with Amazon S3, which is a storage solution offered by Amazon Web Services, according to a company release.
The startup is now focused on further building out its proprietary decentralized storage solution.
“In building out Sumi Notes, Sumi Network realized existing decentralized storage solutions (IPFS, Filecoin, Crust etc) were not capable of truly replacing email like services and thus Sumi pursued its own decentralized storage solution,” the release added.
Sumi Network is the 15th investment within Scytale’s horizon fund II portfolio, which targets blockchain investments focused on user adoption.
“You may not know it but you are already using blockchain technology in a variety of ways,” said Mark Cachia, Scytale’s founder, in the release. “We are excited to support the next generation of wallet-to-wallet communication and storage via Sumi Network and further support the mass adoption of secure, decentralized blockchain technology.”
